represented the appraised value reviewed by the independent appraiser. Page 2 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 In October 2019, SET announced that S was listed
Transaction Criteria used to determine the consideration value are: (1) The appraised value by independent appraisers approved by SEC. (2) The appropriate return to Trust investors. (3) The potential for
values between book value and value of assets pursuant to the market price, the highest value is the average market .../6 - 6 - price pursuant to the appraised report by the 2 independent appraisers with
values between book value and value of assets pursuant to the market price, the highest value is the average market price pursuant to the appraised report by the 2 independent appraisers with the
value of assets pursuant to the market price, the highest value is the average market price pursuant to the .../4 - 4 - appraised report by the 2 independent appraisers with the transaction value of
not exceeding 320 million USD. As aforementioned transactions, The Company recognized the effect on investment between the fair value from financial independent advisory firm with the actual
Criteria used to determine the consideration value are: (1) The appraised value by independent appraisers approved by SEC. (2) The appropriate return to Trust investors. (3) The potential for commercial
as follows: Pace Project One Co., Ltd. (PP1) 1st Independent financial advisory Method Business valuation Common Share Value Equity value (Low Case) 5,058 million Baht (910)* million Baht * The Company
between book value and value of assets pursuant to the market price, the highest value is the average market price pursuant to the appraised report by the 2 independent appraisers with the transaction value